UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.   20549
                     __________________________________

                                 FORM 10-QSB
                 Quarterly Report Under Section 13 or 15(d)
                   of the Securities Exchange Act of 1934.
                    ____________________________________


For the quarter ended  July 31, 2002      Commission file number   000-26309


                            NATUROL HOLDINGS LTD.
                         (Formerly Coronado Explorations Ltd.)
           (Exact name of registrant as specified in its charter)

Delaware                                                          98-0200471
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                           Identification No.)

6265 Stevenson Way
Las Vegas, Nevada, USA                                                 89120
(Address of principal executive offices)                          (zip code)


                Issuer's Telephone Number:    (702) 450-1600


     Indicate by check mark whether the registrant (1) has filed all  reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934  during  the  preceding 12 months (or for such shorter period  that  the
registrant  was required to file such reports), and (2) has been  subject  to
such filing requirements for the past 90 days.

                             Yes   X     No ____


     The  number of shares of Common Stock, $0.001 par value, outstanding  on
September  10,  2002,  was  15,000,003  shares,  held  by  approximately   41
shareholders.

<PAGE>

                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                                JULY 31, 2002
                                    INDEX

PART I - FINANCIAL INFORMATION                                      Page No.

Item 1.      Unaudited Financial Statements

             Condensed Balance Sheets                                      3

             Condensed Statement of Operations (Unaudited)                 4

             Condensed Statements of Cash Flow (Unaudited)                 5

             Notes to Condensed Financial Statements                     6-7

Item 2.      Management's Discussion and Analysis of
               Financial Condition and Results of Operation                8

PART II - OTHER INFORMATION

Item 1.      Legal Proceedings                                            12

Item 2.      Changes in Securities                                        12

Item 3.      Defaults by the Company upon its Senior Securities           12

Item 4.      Submission of Matter to a Vote of Security Holders           12

Item 5.      Other Information                                            12

Item 6.      Exhibits and Reports on Form 8-K                             14

SIGNATURES                                                                15

<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
                          CONDENSED BALANCE SHEETS
                                                   July 31,      January 31,
                                                     2002           2002
                                                 (Unaudited)
<S>                                           <C>              <C>
Assets
Current Assets:
  Cash                                        $        5,439   $       4,831
                                                  ----------      ----------
     Total current assets                              5,439           4,831
                                                  ----------      ----------
Investment in and advances to Naturol Canada
Limited                                                  - -              31
                                                  ----------      ----------
                                              $        5,439   $       4,862
                                                  ==========      ==========
</TABLE>
<TABLE>

Liabilities and Shareholders' Deficit:
<S>                                          <C>               <C>
Current liabilities:
  Accounts payable                            $      105,225   $      62,038
  Note payable                                       109,909          26,565
  Due to Naturol (U.K.) Limited                        5,285             - -
  Due to Naturol Canada Limited                          - -              31
                                                  ----------      ----------
     Total current liabilities                       220,419          88,634
                                                  ----------      ----------
Investment in and advances to Naturol Canada
Limited                                               60,307             - -
                                                  ----------      ----------
Shareholders' Deficit:
  Common stock 200,000,000 shares authorized
  par value $.001, 15,000,003 shares issued
and
  outstanding at January 31, 2002 and July            15,000          15,000
31,2002
  Paid-in-capital                                     90,650          90,650
  Subscriptions receivable                          (28,400)        (28,400)
  Deficit accumulated during the
developmental stage                                (352,537)       (161,022)
                                                  ----------      ----------
     Total shareholders' deficit                   (275,287)        (83,772)
                                                  ----------      ----------
     Total liabilities and shareholders'
deficit                                       $        5,439    $      4,862
                                                  ==========      ==========
</TABLE>

                 See notes to condensed financial statements

<PAGE>
<TABLE>
                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
               CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

                                                                     From
                           Three     Three              Six Months Inception
                          Months    Months   Six Months   Ended    June 18,
                           Ended     Ended     Ended     July 31,   2001 to
                         July 31,  July 31,   July 31,     2001    July 31,
                           2002      2001       2002                 2002
<S>                    <C>         <C>       <C>         <C>       <C>
Professional fees       $   76,180  $      -  $   98,150  $      - $  195,748
License fees                    -         -           -         -     50,000
Interest expense            2,680         -       3,344         -      3,409
Equity in net loss of      48,956         -      60,446         -     60,446
affiliate
Office expense              3,498                 9,118               22,477
Travel & entertainment      3,190         -      20,457         -     20,457
                        ----------  --------  ----------  -------- ----------
Net loss                 $134,504  $      -    $191,515  $      - $  352,537
                        ==========  ========  ==========  ======== ==========
Net loss per share
basic and diluted        $ (0.01)  $      -    $ (0.01)  $      - $   (0.02)
                        ==========  ========  ==========  ======== ==========
Weighted average shares
outstanding             15,000,003         -  15,000,003         - 14,814,882
                        ==========  ========  ==========  ======== ==========
</TABLE>
                 See notes to condensed financial statements

<PAGE>
<TABLE>
                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
               CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                                     From
                                                                   Inception
                                             Six Months Six Months June 18,
                                               Ended      Ended      2001
                                              July 31,   July 31,     to
                                                2002       2001    July 31,
                                                                     2002
<S>                                        <C>           <C>       <C>
Cash flows from operating activities:
  Net loss                                  $(191,515)    $      - $(352,537)
Changes in operating assets and
liabilities:
  Accounts payable                             43,187           -    105,225
                                            ----------    -------- ----------
  Cash used in operating activities         (148,328)           -  (247,312)
                                            ----------    -------- ----------
Cash flows from financing activities:
  Increase in note payable                     83,344           -     83,409
  Increase in due to Naturol (U.K.)             5,285           -      5,285
Limited
  Proceeds from the sale of common stock            -           -    103,750
                                            ----------    -------- ----------
                                               88,629           -    192,444
                                            ----------    -------- ----------
Cash flows from investing activities:
  Investment in and advances to Naturol
Canada Limited                                 60,307           -     60,307
                                            ----------    -------- ----------
Increase in cash                                  608           -      5,439

Cash beginning of period                        4,831           -          -
                                            ----------    -------- ----------
Cash end of period                          $    5,439    $      - $    5,439
                                            ==========    ======== ==========
Supplemental disclosure of cash flow
information:
  Cash paid for interest                    $        -    $      - $        -
                                            ==========    ======== ==========
  Cash paid for income taxes                        -           -          -
                                            ==========    ======== ==========
Noncash financing activities:
  Stock issued for subscription receivable  $        -    $      - $   28,400
                                            ==========    ======== ==========
  Stock issued and note assumed in reverse          -           -     52,765
merger
                                            ==========    ======== ==========
  Investment in affiliated company                  -           -         31
                                            ==========    ======== ==========
</TABLE>

                 See notes to condensed financial statements

<PAGE>

                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
                   NOTES TO CONDENSED FINANCIAL STATEMENTS

Note 1 - Basis of Presentation

     The  unaudited  condensed financial statements  have  been  prepared  in
accordance  with United States generally accepted accounting  principles  for
interim  financial information and with the instructions to Form  10-QSB  and
reflect  all  adjustments which, in the opinion of management, are  necessary
for  a  fair  presentation.  All such adjustments are of a  normal  recurring
nature.  The results of operations for the interim period are not necessarily
indicative of the results to be expected for a full year.  Certain amounts in
the  prior  year statements have been reclassified to conform to the  current
year  presentations.  The statements should be read in conjunction  with  the
financial statements and footnotes thereto included in the Company's Form 10-
KSB for the year ended January 31, 2002.

Note 2 - Commitments and Contingencies

Going Concern
     The  accompanying  condensed  financial statements  have  been  prepared
assuming  that the Company will continue as a going concern.  The ability  of
the  Company  to continue as a going concern is dependent upon management  to
attain profitable operations based on the development of products that can be
sold.   Management intends to use borrowings and security sales  to  mitigate
the affects of its cash position, however no assurance can be given that debt
or  equity financing, if and when required, will be available.  The financial
statements do not include any adjustments relating to the recoverability  and
classification  of  recorded assets and classification  of  liabilities  that
might be necessary should the Company be unable to continue in existence.

Note 3 - Note Payable

     The  Company  in the quarter ended July 31, 2002 and for the  six  month
period has borrowed $5,000 and $75,000 respectively from a shareholder.   The
demand  note  has  an interest rate of 10%.  Total borrowed including  unpaid
interest at July 31, 2002 was $109,909.

Note 4 - Due to Affiliate

     The  Company borrowed $5,285 from Naturol, (U.K.) Limited. The  interest
rate on the demand note is 10%.

Note 5 - Marketing Agreement

     The  Company  entered  into  a  media and  public  relations  consulting
agreement for a term of one year requiring a $6,000 per month consulting  fee
commencing on April 1, 2002.  The agreement was terminated in June, 2002.

<PAGE>

                            NATUROL HOLDINGS LTD.
                    (Formerly Coronado Explorations Ltd.)
                        (A Development Stage Company)
                   NOTES TO CONDENSED FINANCIAL STATEMENTS

Note 6 - Investment in Naturol Canada Limited

     An  investment  in  Naturol Canada Limited is accounted  for  under  the
equity  method as the Company owns 49% of the outstanding stock.  During  the
quarter ended July 31, 2002  the Company has recorded a $48,956 loss  on  the
investment which represented the Company's percentage ownership of the  total
loss.  The year to date loss is $60,446.

Note 7- Related Party transactions

     The  Company  utilized professional legal services from a Board  Member.
For the period to date through July 31, 2002 $32,756 in fees were charged  by
the law firm.  Amount owed to the law firm at July 31, 2002 totaled $56,249.

Note 8-Name Change and Year End Change

     The  Company changed its name to Naturol Holdings Ltd. on July 23, 2002.
The Company also changed its year-end from January 31 to December 31.

Note 9 - Reverse Split

      On July 23, 2002 the Company effectuated a 5 for 1 reverse split of its
common  stock,  resulting in 15,000,003 shares to be issued and  outstanding.
The financial statements have been adjusted to reflect the reverse split.

Note 10 - Subsequent Event

     On September 20, 2003, the Company entered into a new, revised non-
exclusive License Agreement with MGA Holdings Limited. In addition, MGA
relieved the Company of all past due and future license payments due under
the original license agreement and MGA assumed the financial obligation of
$56,249 due to the related law firm, see Note 7.

<PAGE>

Item 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations.

     The following discussion and analysis should be read in conjunction with
the  Company's financial statements and the notes thereto contained elsewhere
in this filing.

     CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    With  the  exception of historical matters, the matters discussed  herein
are forward-looking statements that involve risks and uncertainties. Forward-
looking  statements  include, but are not limited to,  statements  concerning
anticipated  revenues and net income, projections concerning  operations  and
available  cash  flow. The Company's actual results could  differ  materially
from the results discussed in such forward-looking statements.

      The  Company  wishes  to  caution investors  that  any  forward-looking
statements  made by or on behalf of the Company are subject to  uncertainties
and  other factors that could cause actual results to differ materially  from
such  statements. These uncertainties and other factors include, but are  not
limited  to the Risk Factors listed below (many of which have been  discussed
in  prior  SEC  filings by the Company). Though the Company has attempted  to
list  comprehensively these important factors, the Company wishes to  caution
investors  that  other factors could in the future prove to be  important  in
affecting  the Company's results of operations. New factors emerge from  time
to time and it is not possible for management to predict all of such factors,
nor  can  it  assess the impact of each such factor on the  business  or  the
extent  to  which  any factor, or combination of factors,  may  cause  actual
results  to  differ  materially from those contained in  any  forward-looking
statements.

      Readers  are  further  cautioned not to place undue  reliance  on  such
forward-looking statements as they speak only of the Company's  views  as  of
the  date  the  statement was made. The Company undertakes no  obligation  to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.

Background Overview

     On  January  17, 2002, Coronado Explorations Ltd. (now Naturol  Holdings
Ltd.) completed a reverse triangular merger between Coronado Subsidiary Corp.
("CSC"), a Nevada corporation and a wholly owned subsidiary of Coronado,  and
Naturol  Inc., a Nevada corporation ("Naturol"), whereby Naturol merged  with
CSC  wherein CSC ceased to exist and Naturol became a wholly owned subsidiary
of  the  Company.  Prior  to  the Merger, the  Company  was  engaged  in  the
exploration   of   mineral  properties  and  subsequently  became   a   shell
corporation. All business of the Company is now conducted through its  wholly
owned  subsidiary, Naturol. Naturol owns the exclusive North American License
for   extraction  technologies  employed  in  the  flavors,  fragrances   and
pharmaceutical industries.

     The  Company is a development stage company, has no revenues to date and
has  raised  capital  for initial development through  the  issuance  of  its
securities.

      The  financial statements presented are of Naturol for the  six  months
ending  July 31, 2002.   Naturol's fiscal period ends on December 31  and  on
July  23,  2002 the Company changed its fiscal year end to December  31.  The

<PAGE>

financial  statements included in this filing are for the three month  period
from  April  30,  2002 through July 31, 2002 to conform  with  the  Company's
previous  reporting  fiscal  year  end.  The  Company's  transition   period,
containing  unaudited interim financial statements for the  two-month  period
from August 1, 2002 to September 30, 2002, is anticipated to be filed on Form
10-QSB on or before November 15, 2002.

     As a result of the merger and the insignificance of Coronado's financial
information as a shell corporation, the presentation of financial information
is of Naturol from inception.

Recent Developments

     During August of 2002, Naturol received correspondence from MGA Holdings
Limited,  which indicated MGA's intention to default Naturol for its  failure
to meet its obligations  under the terms of the License Agreement, and take a
course of action including termination of the License Agreement. On or  about
April 23, 2002, MGA informed Naturol that MGA would not take a default action
against  Naturol for its failure to meet the provisions of the terms  of  the
License  Agreement, however no continuing term for the waiver of default  was
agreed  upon. On September 20, 2003, the Company entered into a new,  revised
non-exclusive License Agreement with MGA. See Item 5 for other actions  taken
with regards to MGA.

Plan of Operation

     Since  our operations have been solely based on Naturol's business since
Naturol became a wholly owned subsidiary of the Company on January 17,  2002,
our plan of operation has assumed the plan of operation of Naturol. Naturol's
business  is  to  eventually provide a service of  extraction  employing  the
Naturol  Extraction Technology. However, due to the recent events surrounding
the  license agreement with MGA and the subsequent conversion of the  license
to a non-exclusive, the Company anticipates the need to redevelop and further
analyze its plan of operation.

     We  plan on satisfying our cash obligations over the next twelve  months
through  additional equity and/or third party financing. We do not anticipate
generating  revenues  sufficient  enough  to  satisfy  our  working   capital
requirements within the next twelve months.

     Commercialization of Naturol Extraction Technology is a function,  to  a
large  extent, of the efforts of the benefits of the commercial research  and
development  program launched in March 2002 at the Prince Edward Island  Food
Technology  Center.  Under  the  terms of the revised  non-exclusive  License
Agreement executed between Naturol and MGA Holdings, this program will now be
under  the operational control of MGA Holdings. Notwithstanding, MGA Holdings
has agreed to grant Naturol complete access to all technological developments
resulting from this program. Management is unable at this time to predict how
this   will   impact  the  Company's  ability  to  continue  to  attempt   to
commercialize the Naturol Extraction Technology.

     As  a  result of our agreement between Naturol (Canada) Limited and  the
National  Research  Council  Canada, a commercial  research  and  development
program is being conducted at the Prince Edward Island Food Technology Center
based  in  Charlottetown, Prince Edward Island, Canada at  a  total  cost  of
approximately $326,600, of which Naturol (Canada) Limited is obligated to pay
$109,300.  This obligation has been assumed by MGA as part of the  agreements
reached  with  them in September 2002 (See Item 5 for further  details).  The
Prince Edward Island Food Technology Center is a provincially funded facility
providing  a  range  of  services  to the agri-food  and  seafood  processing

<PAGE>

industries.  Its  resources include project management, laboratory  analysis,
technical   support,   applications  development   and   biomass   extraction
technology.

     Risks  that  could  cause  actual performance to  differ  from  expected
performance  are  detailed in the remainder of this section,  and  under  the
section  titled  "Factors  That  May Affect the  Company's  Future  Operating
Results."

Liquidity and Capital Resources

     A  critical  component  of  our operating plan impacting  our  continued
existence  is  the  ability to obtain additional capital  through  additional
equity  and/or debt financing.  We do not anticipate enough positive internal
operating  cash flow until such time as we can generate substantial  revenues
from fees earned as a result of our Naturol Extraction Technology, which  may
take the next few years to fully realize.  In the event we cannot obtain  the
necessary  capital  to pursue our strategic plan, we may  have  to  cease  or
significantly  curtail  our  operations.  This would  materially  impact  our
ability to continue operations.

     Our near term cash requirements are anticipated to be offset through the
receipt  of funds from private placement offerings and loans obtained through
private  sources.   Since inception, we have financed cash flow  requirements
through  debt  financing and issuance of common stock for cash and  services.
As  we  expand  operational  activities, we may continue  to  experience  net
negative  cash  flows  from  operations,  pending  receipt  of  servicing  or
licensing fees, and will be required to obtain additional financing  to  fund
operations  through common stock offerings and bank borrowings to the  extent
necessary to provide working capital.

     Over  the  next  twelve  months we believe  that  existing  capital  and
anticipated  funds  from  operations  will  not  be  sufficient  to   sustain
operations and planned expansion.  Consequently, we will be required to  seek
additional  capital  in  the  future to fund  growth  and  expansion  through
additional  equity or debt financing or credit facilities.  No assurance  can
be  made that such financing would be available, and if available it may take
either the form of debt or equity.  In either case, the financing could  have
a negative impact on our financial condition and our Stockholders.

     We  anticipate  incurring operating losses over the next twelve  months.
Our  lack of operating history makes predictions of future operating  results
difficult  to  ascertain.  Our prospects must be considered in light  of  the
risks, expenses and difficulties frequently encountered by companies in their
early  stage  of  development,  particularly companies  in  new  and  rapidly
evolving  markets such as technology related companies.  Such risks  include,
but  are not limited to, an evolving and unpredictable business model and the
management  of  growth.  To address these risks we must, among other  things,
obtain  a customer base, implement and successfully execute our business  and
marketing  strategy, continue to develop and upgrade technology and products,
provide  superior extraction results, file patent applications to  cover  new
processing technology and new compositions discovered during our research and
development efforts, conduct tests in support of, and file with FDA  for  use
of  Naturol  solvents  as food contacting materials, respond  to  competitive
developments,,  and attract, retain and motivate qualified personnel.   There
can  be no assurance that we will be successful in addressing such risks, and
the  failure  to  do so can have a material adverse effect  on  our  business
prospects, financial condition and results of operations.

<PAGE>

     As  of July 31, 2002, the Company had assets of $5,439, and $220,419  of
current  liabilities.  The current liabilities include  accounts  payable  of
$105,225 and notes payable of $109,909.

FACTORS THAT MAY AFFECT THE COMPANY'S FUTURE OPERATING RESULTS

Going Concern; Need For Additional Capital

      Our  financial statements have been prepared on a going concern  basis,
which  contemplates  the  realization  of  assets  and  the  satisfaction  of
liabilities  in the normal course of business.  We have suffered losses  from
operations  during our operating history and our ability  to  continue  as  a
going concern is dependent upon obtaining future profitable operations.   Our
business  is  capital  intensive.   Although  management  believes  that  the
proceeds  from  the  sale  of  its  securities,  together  with  funds   from
operations,  will  be sufficient to cover its anticipated cash  requirements,
the  Company may be required to seek additional capital to fund future growth
and  expansion.   No  assurance  can be given that  such  financing  will  be
available or, if available, that it will be on commercially favorable  terms.
Moreover, favorable financing may be dilutive to investors.

Limited History of Business Operations; Accumulated Losses

      We have only a limited operating history and our business model has not
yet  been  tested in the market place.  Our prospects must be  considered  in
light  of  the  risks,  expenses and difficulties frequently  encountered  in
establishing a business in the medical food or nutraceutical industry,  which
are  characterized by a large number of market entrants, intense  competition
and a high failure rate.  To date, we have been engaged primarily in start-up
and  business  development activities and have generated little revenue  from
product  sales.  To achieve profitable operations, we, alone or with  others,
must  successfully  introduce and market our existing product,  and  develop,
introduce  and  market  new products.  No assurance can  be  given  that  our
product  development  efforts will be successfully  completed,  or  that  any
product,  if  introduced,  will  be successfully  marketed  or  will  achieve
customer  acceptance. Future operating results will depend on  many  factors,
including  the  demand  for our products, the level of  competition  and  our
ability  to cause the manufacture of our products in a production environment
while maintaining quality and controlling costs.

      Although we are not a pharmaceutical development company, any  research
and   development  activities,  by  its  very  nature,  precludes  definitive
statements  as  to  the time required and costs involved in reaching  certain
objectives.   Although  our  research  and  development  will  be  relatively
limited,  actual  research and development costs may exceed budgeted  amounts
and  estimated  time  frames may require extension.   Cost  overruns  due  to
unanticipated  clinical or regulatory delays or demands,  unexpected  adverse
side   effects,   insufficient  therapeutic  efficacy   or   competitive   or
technological  developments would prevent or substantially deter  development
efforts  and  ultimately could have a material adverse  effect  on  us.   Our
existing  product candidates, and any potential additional products that  may
be  developed,  may,  in  certain instances, require  significant  additional
research  and  development, possible regulatory approval and  commitments  of
resources  prior  to commercialization.  There can be no assurance  that  any
such  potential products will be successfully developed or capable  of  being
produced  in  commercial quantities at acceptable costs, or that any  product
will  prove to be safe and effective in clinical trials or otherwise, or meet
applicable regulatory standards.

<PAGE>

There is a limited current public market for our common stock.

     Although  our  common  stock is listed on the Over-the-Counter  Bulletin
Board, there is a limited volume of sales, thus providing a limited liquidity
into  the  market for our shares. As a result of the foregoing,  shareholders
may be unable to liquidate their shares for any reason.

PART II--OTHER INFORMATION

Item 1.        Legal Proceedings.

None

Item 2.        Changes in Securities.

On  July 23, 2002, the Registrant effectuated a 1 for 5 reverse split of  all
of  its  issued and outstanding common stock as of the close of  business  on
July 22, 2002, resulting in 15,000,003 shares of common stock then issued and
outstanding.

Item 3.        Defaults by the Company upon its Senior Securities.

None.

Item 4.        Submission of Matter to a Vote of Security Holders.

On  July 23, 2002, pursuant to a written consent of the majority stockholder,
the   Registrant  effectively  changed  its  corporate  name  from   Coronado
Explorations  Ltd.  to  Naturol Holdings Ltd.  In  addition,  the  Registrant
effectuated  a  1  for 5 reverse split of all of its issued  and  outstanding
common stock as of the close of business on July 22, 2002.

Other items approved by the majority stockholder included:

*     the  change in the Registrant's reporting year-end to December  31  for
  2002,

*     the  approval of a stock option plan for two million (2,000,000) shares
  of common stock, and

*    the amendment and restatement of the Registrant's Bylaws.

Readers are urged to review the Registrant's Definitive Information Statement
on Form 14C filed with the SEC on June 28, 2002, a copy of which is available
on the SEC's website (www.sec.gov).

On  July  23,  2002,  as a result of the name change and reverse  split,  the
Registrant's Over-the-Counter Bulletin Board trading symbol changed to NTUH.

<PAGE>

Item 5.         Other Information.

MGA Agreement
     During August of 2002, Naturol received correspondence from MGA Holdings
Limited,  which indicated MGA's intention to default Naturol on the   License
Agreement,  and take a course of action including termination of the  License
Agreement for failure by Naturol to meet its obligations under the  terms  of
the  License  Agreement.   Following negotiations  between  the  Parties.  on
September  20,  2003, the Company entered into a Letter Agreement  with  MGA,
Willow Holdings Limited (our majority stockholder) and Naturol Canada. A copy
of the Letter Agreement is attached hereto as Exhibit 10.2.

Material terms of the Letter Agreement were as follows:

*     MGA  waives  all  payment  obligations by  Naturol  under  the  License
  Agreement up to this date of September 18, 2002.

*    MGA and Naturol agreed to execute a new non-exclusive license agreement,
  a copy of which is attached hereto as Exhibit 10.3. The Amended Non-exclusive
  License Agreement supercedes all terms and conditions of the original License
  Agreement.

*    Naturol has the option of converting the Non-exclusive License Agreement
  to  an  exclusive  license agreement, based upon the terms  and  conditions
  reflected in the Non-exclusive License Agreement, which include the payment
  of certain annual monetary obligations as referenced therein.

*     Willow,  concurrent with the effectiveness of this agreement,  and  the
  execution  by  MGA and Naturol of the Non-exclusive License Agreement  will
  return  to  Naturol, 9,331,321 shares of common stock of Naturol issued  to
  Willow in exchange for the License Agreement.

*     MGA  and  Naturol agree that MGA or its assigns will assume operational
  control of Naturol Canada Limited but will continue to grant Naturol complete
  access  to  all  technological developments resulting from  the  commercial
  research and development program conducted on behalf of Naturol Canada at the
  Prince Edward Island Food Technology Center. Naturol Canada  is 49% owned by
  Naturol  and  51% owned by Isaac Moss, an officer and director of  Naturol.
  Naturol Canada Limited has no assets and is purely a research and development
  company.

*     MGA  will  assume  and  indemnify Naturol of all outstanding  financial
  obligations incurred by Naturol or Naturol Canada Limited in reference to the
  activities  of  Naturol Canada Limited, including but not  limited  to  the
  obligations to the National Research Council of Canada Industrial  Research
  Assistance Program Contribution to Firms Agreement. Additionally, MGA  will
  continue to pay all future financial obligations of Naturol Canada  Limited
  relating  to  obligations of Naturol Canada Limited  to  National  Research
  Council  of  Canada Industrial Research Assistance Program Contribution  to
  Firms Agreement.

<PAGE>

*     MGA  will  assume  all  financial obligations relating  to  patent  and
  licensing issues, including past obligations by Naturol to patent counsel in
  an aggregate amount of $56,249.

In   addition,  concurrent  with  the  actions  taken  above,  Paul  McClory,
President,  CEO  and a director of the Company, immediately  resigned  as  an
officer and director of the Company.

Media/PR Agreement
     The  Company  entered  into  a  media and  public  relations  consulting
agreement for a term of one year requiring a $6,000 per month consulting  fee
commencing on April 1, 2002.  The agreement was terminated in June 2002.

Change of Year End/Transition Period
    On July 23, 2002, the Registrant changed its fiscal year end from 1/31 to
12/31. The Registrant's transition period is anticipated to be filed on  Form
10-QSB  on  or  before November 15, 2002 and will contain  interim  unaudited
financial  statements  for  the  two-month period  from  August  1,  2002  to
September 30, 2002.

Item 6.        Exhibits and Reports on Form 8-K.

Exhibits

10.1 Sub-License Agreement among Naturol Inc., Naturol Canada Limited and MGA
      Holdings Limited
10.2 Letter Agreement
10.3 Non-exclusive License Agreement

Reports on Form 8-K

8-K/A filed on May 1, 2002 -       Amended 8-K disclosing the Merger between
                                   Coronado, CSC and Naturol.

8-K filed on June 12, 2002 -       Press Release regarding Naturol U.K.
                                   Limited new patent application

8-K filed on June 28, 2002 -       Press Release regarding extraction of high
                                   concentrations of Paclitaxel from Canadian
                                   Yew

8-K filed on July 31, 2002 -       Name Change, Reverse Split, Change
                                   Year End, Amend Bylaws, Approve Stock
                                   Option Plan, Symbol Change

<PAGE>

                                 SIGNATURES

     Pursuant  to  the requirements of Section 13 or 15(d) of the  Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.

NATUROL HOLDINGS LTD.
(Registrant)


By:/s/ Paul McClory                     By:/s/ Isaac Moss
    Paul McClory,                           Isaac Moss,
    Chief Executive Officer                 Secretary/Treasurer/Director
    /President/Director

Dated: September 26, 2002               Dated: September 26, 2002



By:/s/ Michael Ram                      By:/s/ Michael Davenhill
       Michael Ram, Director                Michael Davenhill,
                                            Chief Financial Officer/Director

Dated: September 26, 2002               Dated: September 26, 2002

<PAGE>

                          CERTIFICATION PURSUANT TO
                18 USC, SECTION 1350, AS ADOPTED PURSUANT TO
           SECTIONS 302 AND 906 OF THE SARBANES-OXLEY ACT OF 2002

      In  connection with the Quarterly Report of Naturol Holdings Ltd.  (the
"Company") on Form 10-QSB for the period ending July 31, 2002, as filed  with
the Securities and Exchange Commission on the date hereof (the "Report"), we,
Paul  McClory, Chief Executive Officer and Michael Davenhill, Chief Financial
Officer  of  the  Company, certify, pursuant to 18 U.S.C.  Section  1350,  as
adopted  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,  that  to
the best of our knowledge:

   (1)  The Report fully complies with the requirements of section 13(a) or
        15(d) of the Securities Exchange Act of 1934; and

   (2)  The information contained in the Report fairly presents, in all material
        respects, the financial condition and results of the Company.

Date:  September 26, 2002



/s/ Paul McClory
Paul McClory
Chief Executive Officer


/s/ Michael Davenhill
Michael Davenhill
Chief Financial Officer